• If you need a helping
    hand in getting out of
    debt please
    contact
    CuraDebt
    !
    They've been helping
    people to get out of
    debt for well over
    10 years.



Economic Stimulus check, Obama 2009 stimulus plan

Stimulus Check  did you get yours

 

Back in 2009 when the economy was seen to be spiralling, downwards and out of control the Senate and the President, Barack Obama  signed an Economic Stimulus program to help alleviate what seemed to be a coming recession.

Many people were wary of how the economy was performing and getting the news that they might be receiving money from the government did make a lot of people feel relieved even for a while.

Out of the $787 billion dollar Economic Stimulus Bill that was signed a total of $13 billion dollars was allocated for stimulus checks to be sent out. Another $20 billion dollars in tax credits were budgeted to be received by average taxpayers and another $5 billion dollars for other tax credits. For the unemployed workers a budget of $14 billion dollars in COBRA copayments were being set aside for them. The total budget for all the stimulus checks and other credits for taxpayers and the unemployed amounted to $65 billion dollars in fiscal year 2009.

The figure is compared to the $96 billion dollars in stimulus checks that were distributed in the 2008 calendar year.

Fifty-two million Supplemental Security Income (SSI) and Social Security holders were recipients of $250 dollar checks in May 2009. Stimulus checks were also sent to some Railroad Retirement Board (RRB) and Veterans Affairs (VA) benefits.

 

Certain taxpayers were also eligible for tax relief was as follows:

Deduction of sales tax for new car purchasers.

  • $2,500 dollar college tuition tax credit
  • The working poor and expand earned-income tax credit to families which have three children were given greater access to child tax credit.
  • $70 billion dollars to continue the AMT tax shelter.
  • First time home buyers in 2009 had more than $1 billion dollars budgeted for $8,000 dollar tax credit.
  • Almost $1 billion dollars was budgeted for the suspension of taxes on unemployment benefits in 2009.

Back in 2009 the average tax payer received a tax cut instead of stimulus checks. The computation was per family had an $800 tax cut and individuals had a tax cut of $400 dollars. These tax cuts appeared as about 6% less on their withholding tax that was indicated on the pay check. For taxpayers who made estimated payments they received their tax relief totaling $20 billion dollars when they paid their 2009 taxes. Back in 2010, the same tax relief also applied which gave it a total of $66 billion dollars.

 

If you are an SS or SSI recipient and by any chance you still have not received your check then contact your local Social Security office or the hotline to call is 1-800-772-1213 (TTY 1-800-325-0778).

Get Help From A Trusted Debt Expert From CuraDebt

For Veterans Affairs (VA) or Railroad Retirement Board (RRB) recipients contact your local office or dial 1-800-827-1000 for the VA or 1-877-772-5772 for the RRB.

A lot of people are still confused about the Economic Stimulus bill and many thought they’ll be receiving all the money when this was signed. Households in America received a tax cut. 52 million people currently receiving SS or SSI benefits in early May of 2009 and continuing throughout the month were entitled to receive $250 dollars in the form of a stimulus checks. Stimulus checks are intended to “stimulate” the economy by giving consumers some spending money. The hope was that upon receiving the check the taxpayers would spend this money, thereby boosting the sales of retailers and manufacturers and thus spur the economy.

 

First, to be able to receive the payment the individual must be eligible for Social Security or SSI during the months of November 2008, December 2008 or January 2009.

Children under the age of 18 or if  you are already 19 but still in high school and receiving social security benefits makes you not eligible for the one-time $250 dollar payment. BUT if you are an adult child who receives disability benefits stated on your parent’s record makes you qualified for the stimulus check.

 

Disabled children receiving SSI are also eligible for the one-time payment.

The $250 dollar one-time payment to SSI recipients is not considered as income. But if you are social security beneficiary who is working full time may make you face a tax liability. This is because of President Obama’s $400 Making Work Pay workplace tax cut.

 

There is no special step to take so you can receive this stimulus check. You will receive the one-time payment in the same way the recipients currently get their regular Social Security of SSI benefits.They will be sent independently of the person’s already established monthly benefit payment.

A one-time payment of $250 will also be sent to adult Social Security beneficiaries and to SSI recipients, except those receiving Medicaid in care facilities.

When people received their stimulus checks a debate started on what people ought to do with the money. Many thought of saving it but by doing so defeated the whole purpose of the stimulus check which was released to encourage people to spend it on the ailing economy.

Back in 2010 and 2011, there was a proposed stimulus check of about $250 million that was intended to be given in the first quarter or 2010 but no checks were ever released.